John B. Breaux: “Cutting taxes when you have a $5.6 trillion surplus in the Treasury is one thing. Cutting taxes by $1.3 trillion--which…”

“Cutting taxes when you have a $5.6 trillion surplus in the Treasury is one thing. Cutting taxes by $1.3 trillion--which is where we are right now--when you do not have a surplus but in fact you have a $300 billion deficit, and, added to that, we are at war and we don't know how much it is going to cost, is not good public policy. The amendment at the desk reduces the reconciled tax cut to $350 billion. It takes $120 billion of the tax cut outside of reconciliation and creates a Social Security reserve account. That Social Security reserve account will be for reforming Social Security. If we don't get around to doing it, the money will go to reduce the deficit. This amendment has a $350 billion tax cut which is protected by budget reconciliation. The remaining funds will be used for a Social Security reserve fund. This amendment is an amendment that was previously considered by the Budget Committee, which did not pass it, and we are offering it on the floor now.”